Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - The report analyzes the market data, option factors, and price trends of three new energy options: lithium carbonate (LC), polysilicon (PS), and industrial silicon (SI). It provides corresponding trading strategies based on the analysis [6][19][31]. 3. Summary by Related Catalogs Lithium Carbonate (LC) Options - **Futures Market Data**: The LC2605 contract closed at 157,200 yuan yesterday, down 13,620 yuan or 7.97% from the previous day. The trading volume was 296,998 lots, an increase of 97,111 lots, and the open interest was 217,916 lots, a decrease of 19,845 lots [3][6]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of LC call options was 390,637, with a change of 164,418, and the open interest was 154,543, with a change of 9,820. The trading volume of LC put options was 325,896, with a change of 159,863, and the open interest was 173,371, with a change of -2,583. The trading volume PCR was 0.83, with a change of 0.1, and the open interest PCR was 1.12, with a change of -0.09 [4]. - **Option Factors - Pressure and Support**: The weighted implied volatility of LC options was 66.82%, a decrease of 12.39%. The annual average implied volatility was 47.74%, and the HISV20 was 68.47%. The pressure level was 208,000, and the support level was 140,000 [5][6]. - **Option Strategies**: No directional strategy is recommended. For the volatility strategy, a neutral combination of selling call and put options is suggested to obtain the time value of options. Adjust the positions dynamically to keep the delta neutral, such as S_LC2605P130000, S_LC2605P140000, S_LC2605C170000, and S_LC2605C180000 [7]. Polysilicon (PS) Options - **Futures Market Data**: The PS2605 contract closed at 35,200 yuan yesterday, down 1,125 yuan or 3.09% from the previous day. The trading volume was 10,763 lots, a decrease of 5,768 lots, and the open interest was 34,456 lots, a decrease of 128 lots [16][19]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of PS call options was 51,620, with a change of -16,574, and the open interest was 77,373, with a change of 311. The trading volume of PS put options was 12,997, with a change of -51, and the open interest was 23,775, with a change of 1,064. The trading volume PCR was 0.25, with a change of 0.06, and the open interest PCR was 0.31, with a change of 0.01 [17]. - **Option Factors - Pressure and Support**: The weighted implied volatility of PS options was 82.47%, a decrease of 7.28%. The annual average implied volatility was 46.71%, and the HISV20 was 39.23%. The pressure level was 70,000, and the support level was 35,000 [18][19]. - **Option Strategies**: For the directional strategy, a bear - spread combination of put options is recommended to obtain directional returns, such as B_PS2605P38000 and S_PS2605P33500. No volatility strategy is recommended [20]. Industrial Silicon (SI) Options - **Futures Market Data**: The SI2605 contract closed at 8,355 yuan yesterday, down 145 yuan or 1.70% from the previous day. The trading volume was 172,049 lots, a decrease of 11,006 lots, and the open interest was 201,800 lots, a decrease of 18,817 lots [28][31]. - **Option Factors - Volume and Open Interest PCR**: The trading volume of SI call options was 85,321, with a change of -9,296, and the open interest was 125,084, with a change of 2,879. The trading volume of SI put options was 54,240, with a change of 12,221, and the open interest was 57,143, with a change of 3,300. The trading volume PCR was 0.64, with a change of -0.07, and the open interest PCR was 0.46, with a change of 0.02 [29]. - **Option Factors - Pressure and Support**: The weighted implied volatility of SI options was 31.01%, a decrease of 2.19%. The annual average implied volatility was 31.92%, and the HISV20 was 22.46%. The pressure level was 11,000, and the support level was 8,000 [30][31]. - **Option Strategies**: No directional strategy is recommended. For the volatility strategy, a combination of selling call and put options to short volatility is suggested to obtain the time value of options and directional returns. Adjust the positions dynamically to keep the delta neutral, such as S_SI2605P8000, S_SI2605P8200, S_SI2605C8800, and S_SI2605C9000 [32].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The report analyzes the market data, option factors, and provides trading strategies for various有色金属 options, including aluminum alloy, aluminum, alumina, copper, nickel, lead, tin, and zinc options. It also presents price trends, implied volatility, and position volume PCR data for each option type [3][4][5]. 3. Summary by Relevant Catalogs 3.1 Aluminum Alloy Options (AD) - **Market Data**: The ad2604 contract closed at 23,000 yuan yesterday, down 560 yuan (-2.37%) from the previous day. The trading volume was 9,380 lots, an increase of 2,775 lots, and the open interest was 5,075 lots, a decrease of 192 lots [3][6]. - **Option Factors**: The implied volatility of AD options remained above the average of 0.1310. The position volume PCR was 0.9315, at the 11.48% level in the past year. The pressure level was 26,600, and the support level was 23,400 [5][6]. - **Trading Strategies**: No directional strategy. For volatility strategy, construct a short call + short put option combination strategy to gain option time - value income and adjust positions dynamically to keep the delta neutral, such as S_AD2604P22800, S_AD2604C24400 [7]. 3.2 Aluminum Options (AL) - **Market Data**: The al2605 contract closed at 24,180 yuan yesterday, down 655 yuan (-2.63%) from the previous day. The trading volume was 460,368 lots, an increase of 173,095 lots, and the open interest was 292,404 lots, a decrease of 14,921 lots [14][17]. - **Option Factors**: The implied volatility of AL options remained above the average of 0.1641. The position volume PCR was 0.588, at the 15.51% level in the past year. The pressure level was 26,000, and the support level was 23,000 [16][17]. - **Trading Strategies**: No directional strategy. For volatility strategy, construct a short call + short put option combination strategy to gain option time - value income and adjust positions dynamically to keep the delta neutral, such as S_AL2604P23000, S_AL2604P24000, S_AL2604C25000, S_AL2604C26000 [18]. 3.3 Alumina Options (AO) - **Market Data**: The ao2605 contract closed at 3,027 yuan yesterday, down 38 yuan (-1.23%) from the previous day. The trading volume was 980,719 lots, a decrease of 34,777 lots, and the open interest was 268,233 lots, a decrease of 5,701 lots [26][29]. - **Option Factors**: The implied volatility of AO options remained above the average of 0.3250. The position volume PCR was 0.4509, at the 71.43% level in the past year. The pressure level was 3,400, and the support level was 2,800 [28][29]. - **Trading Strategies**: For directional strategy, construct a bull call spread strategy to gain directional income. For volatility strategy, construct a short call + short put option combination strategy to gain option time - value income and adjust positions dynamically to keep the delta neutral, such as S_AO2605P2800, S_AO2605C3200 [30]. 3.4 Copper Options (CU) - **Market Data**: The cu2605 contract closed at 94,420 yuan yesterday, down 4,470 yuan (-4.52%) from the previous day. The trading volume was 205,963 lots, an increase of 205,963 lots, and the open interest was 203,328 lots, an increase of 15,004 lots [37][40]. - **Option Factors**: The implied volatility of CU options remained above the average of 0.2286. The position volume PCR was 0.8102, at the 58.78% level in the past year. The pressure level was 116,000, and the support level was 90,000 [40]. - **Trading Strategies**: For directional strategy, construct a bear put spread strategy to gain directional income, such as B_CU2604P104000, S_CU2604P90000. No volatility strategy [41]. 3.5 Nickel Options (NI) - **Market Data**: The ni2605 contract closed at 131,550 yuan yesterday, down 3,990 yuan (-2.94%) from the previous day. The trading volume was 398,352 lots, an increase of 137,766 lots, and the open interest was 186,757 lots, a decrease of 11,470 lots [49][52]. - **Option Factors**: The implied volatility of NI options remained above the average of 0.3076. The position volume PCR was 0.5552, at the 49.39% level in the past year. The pressure level was 150,000, and the support level was 130,000 [51][52]. - **Trading Strategies**: No directional strategy. For volatility strategy, construct a short call + short put option combination strategy to gain option time - value income and adjust positions dynamically to keep the delta neutral, such as S_NI2604P126000, S_NI2604P13000, S_NI2604C146000, S_NI2604C150000 [53]. 3.6 Lead Options (PB) - **Market Data**: The pb2605 contract closed at 16,415 yuan yesterday, down 265 yuan (-1.58%) from the previous day. The trading volume was 68,844 lots, an increase of 68,844 lots, and the open interest was 84,931 lots, an increase of 9,629 lots [60][63]. - **Option Factors**: The implied volatility of PB options remained above the average of 0.1820. The position volume PCR was 0.5791, at the 35.51% level in the past year. The pressure level was 17,000, and the support level was 16,000 [62][63]. - **Trading Strategies**: No directional strategy. For volatility strategy, construct a short call + short put option combination strategy to gain option time - value income and adjust positions dynamically to keep the delta neutral, such as S_PB2604P15800, S_PB2604C16200, S_PB2604C17200, S_PB2604C17600 [64]. 3.7 Tin Options (SN) - **Market Data**: The sn2604 contract closed at 345,730 yuan yesterday, down 24,490 yuan (-6.61%) from the previous day. The trading volume was 234,003 lots, an increase of 35,639 lots, and the open interest was 29,801 lots, a decrease of 996 lots [72][75]. - **Option Factors**: The implied volatility of SN options remained above the average of 0.3751. The position volume PCR was 0.5175, at the 11.43% level in the past year. The pressure level was 450,000, and the support level was 280,000 [74][75]. - **Trading Strategies**: For directional strategy, construct a bear put spread strategy to gain directional income, such as B_SN2605P350000, S_SN2605P330000. No volatility strategy [76]. 3.8 Zinc Options (ZN) - **Market Data**: The zn2604 contract closed at 22,690 yuan yesterday, down 740 yuan (-3.15%) from the previous day. The trading volume was 104,726 lots, an increase of 606 lots, and the open interest was 57,712 lots, a decrease of 8,199 lots [83][86]. - **Option Factors**: The implied volatility of ZN options remained above the average of 0.1769. The position volume PCR was 0.6431, at the 5.71% level in the past year. The pressure level was 25,000, and the support level was 23,000 [86]. - **Trading Strategies**: For directional strategy, construct a bear put spread strategy to gain directional income, such as B_ZN2604P24200, S_ZN2604P23000. No volatility strategy [87].

Group 1: Report Information - Report title: Oil Options Morning Report [1] - Report date: March 18, 2026 [1] - Authors: Li Liqin (Senior Manager of Investment Research), Huang Kehan (Options Researcher) [2] - Contact information: Email: lilq@wkqh.cn, huangkh@wkqh.cn; Phone: 0755 - 23375252 [2] Group 2: Liquefied Petroleum Gas (PG) Options Market Data - Contract: pa2604 - Closing price: 5849 yuan, up 10 yuan (0.17%) from the previous day - Volume: 107,679 lots, down 1,149 lots from the previous day - Open interest: 37,698 lots, down 5,912 lots from the previous day [3][6] Option Factors - Volume and Open Interest PCR - Call option volume: 60,181, up 6,538 - Call option open interest: 3,148, down 18,786 - Put option volume: 32,664, up 4,218 - Put option open interest: 2,616, down 25,826 - Volume PCR: 0.54, up 0.01 - Open interest PCR: 0.83, down 0.47 [4] Option Factors - Pressure and Support - Contract: pa2605 - Pressure level: 5150 - Support level: 3400 - Weighted implied volatility: 26.60% [5][6] Market Analysis and Strategy Recommendations - Implied volatility of PG options fluctuates above the mean of 0.2660 - Open interest PCR of PG options is 0.831, at the 73.88% level in the past year - Directional strategy: Construct a bull call spread strategy to obtain directional returns - Volatility strategy: Due to high geopolitical risks, strategies based on selling (such as single selling and double selling) are not recommended [6][7] Group 3: Crude Oil (SC) Options Market Data - Contract: sc2605 - Closing price: 761.2 yuan, down 9.2 yuan (1.19%) from the previous day - Volume: 172,491 lots, up 172,491 lots from the previous day - Open interest: 56,587 lots, up 8,849 lots from the previous day [15][18] Option Factors - Volume and Open Interest PCR - Call option volume: 155,254, down 12,892 - Call option open interest: 47,464, up 6,200 - Put option volume: 134,978, up 57,086 - Put option open interest: 66,732, up 6,444 - Volume PCR: 0.87, up 0.41 - Open interest PCR: 1.41, down 0.06 [16] Option Factors - Pressure and Support - Contract: sc2605 - Pressure level: 940 - Support level: 500 - Weighted implied volatility: 102.37%, down 7.11% - Annual average implied volatility: 42.24% - HISV20: 90.69% [17] Market Analysis and Strategy Recommendations - Implied volatility of SC options fluctuates above the mean of 0.4224 - Open interest PCR of SC options is 1.4059, at the 93.88% level in the past year - Directional strategy: Construct a bull call spread strategy to obtain directional returns - Volatility strategy: Due to high geopolitical risks, strategies based on selling (such as single selling and double selling) are not recommended [18][19]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - For both PG (liquefied gas) and SC (crude oil) options, it is recommended to construct a bull spread combination strategy of call options to obtain directional returns, and not to adopt seller - based strategies due to high geopolitical risks [7][19] 3. Summary by Relevant Catalogs 3.1 PG (Liquefied Gas) Options 3.1.1 Option Factor - Volume and Position PCR - The trading volume of PG (liquefied gas call options) is 25,162, with a change of - 25,840; the position is 16,998, with a change of 150; the trading volume PCR is 0.46, with a change of 0.14; the position PCR is 1.41, with a change of 0.06 - The trading volume of PG (liquefied gas put options) is 11,632, with a change of - 4,592; the position is 24,034, with a change of 1,296 [4] 3.1.2 Option Factor - Pressure and Support - For PG (liquefied gas options), the underlying contract is pg2604, the at - the - money strike price is 5,750, the resistance level is 5,900, the support level is 4,500, the weighted implied volatility is 81.90%, with a change of - 18.63%, the annual average implied volatility is 26.14%, and HISV20 is 54.58% [5] 3.1.3 Market Interpretation and Strategy Recommendations - The pg2604 contract closed at 5,734 yuan yesterday, up 49 yuan or 0.86% from the previous day; the trading volume was 117,868 lots, a decrease of 75,609 lots from the previous day; the position transfer volume was 45,209 lots, a decrease of 3,604 lots from the previous day - The implied volatility of PG (liquefied gas options) fluctuates above the mean of 0.2614 - The position PCR of PG options is reported at 1.4139, at the 99.59% level in the past year - From the perspective of options, the resistance level of the PG option underlying is 5,900, and the support level is 4,500 - Directional strategy: Construct a bull spread combination strategy of call options to obtain directional returns - Volatility strategy: Due to high geopolitical risks, seller - based strategies (such as single selling and double selling) are not recommended [6][7] 3.2 SC (Crude Oil) Options 3.2.1 Option Factor - Volume and Position PCR - The trading volume of SC (crude oil call options) is 771,204, with a change of 113,670; the position is 34,318, with a change of - 70,524; the trading volume PCR is 0.58, with a change of 0.02; the position PCR is 1.46, with a change of 0.24 - The trading volume of SC (crude oil put options) is 450,882, with a change of 77,020; the position is 50,038, with a change of - 77,400 [16] 3.2.2 Option Factor - Pressure and Support - For SC (crude oil options), the underlying contract is sc2605, the at - the - money strike price is 750, the resistance level is 940, the support level is 375, the weighted implied volatility is 110.83%, with a change of - 71.96%, the annual average implied volatility is 41.67%, and HISV20 is 92.76% [17] 3.2.3 Market Interpretation and Strategy Recommendations - The sc2604 contract closed at 750.8 yuan yesterday, up 38.5 yuan or 5.40% from the previous day; the trading volume was 142,180 lots, unchanged from the previous day; the position was 29,825 lots, a decrease of 2,917 lots from the previous day - The implied volatility of SC (crude oil options) fluctuates above the mean of 0.4167 - The position PCR of SC options is reported at 1.4581, at the 94.69% level in the past year - From the perspective of options, the resistance level of the SC option underlying is 940, and the support level is 375 - Directional strategy: Construct a bull spread combination strategy of call options to obtain directional returns - Volatility strategy: Due to high geopolitical risks, seller - based strategies (such as single selling and double selling) are not recommended [18][19]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - For both liquefied petroleum gas (LPG) and crude oil options, due to significant geopolitical risks, strategies mainly based on sellers (such as single - selling and double - selling) are not recommended. No directional strategies are provided. [8][20] 3. Summary by Relevant Catalogs 3.1 Liquefied Petroleum Gas (LPG) Options - **Futures Market Data**: The pg2604 contract closed at 5447 yuan yesterday, down 63 yuan or 1.14% from the previous day. The trading volume was 152,015 lots, a decrease of 103,152 lots from the previous day, and the open interest was 53,968 lots, a decrease of 6060 lots from the previous day. [7] - **Option Factor - Volume and Position PCR**: The trading volume of PG (LPG call options) was 34,843, with a change of 1726; the open interest was 16,911, with a change of 989. The trading volume of PG (LPG put options) was 13,479, with a change of - 8260; the open interest was 19,574, with a change of 1030. The trading volume PCR was 0.39, with a change of - 0.27; the open interest PCR was 1.16, with a change of - 0.01. [5] - **Option Factor - Pressure and Support**: The pressure level of PG options is 5900, and the support level is 4500. The weighted implied volatility rate is 64%, with a change of - 2.53%, and the annual average implied volatility rate is 53.61%. [6][7] - **Option Strategy Suggestion**: No directional strategies; due to large geopolitical risks, strategies mainly based on sellers are not recommended. [8] 3.2 Crude Oil Options - **Futures Market Data**: The sc2604 contract closed at 662 yuan yesterday, down 70.4 yuan or 9.61% from the previous day. The trading volume was 159,647 lots, unchanged from the previous day, and the open interest was 34,615 lots, an increase of 3193 lots from the previous day. [19] - **Option Factor - Volume and Position PCR**: The trading volume of SC (crude oil call options) was 339,150, with a change of - 43,390; the open interest was 86,654, with a change of 13,446. The trading volume of SC (crude oil put options) was 284,846, with a change of - 78,752; the open interest was 118,312, with a change of - 480. The trading volume PCR was 0.84, with a change of - 0.11; the open interest PCR was 1.37, with a change of - 0.26. [17] - **Option Factor - Pressure and Support**: The pressure level of SC options is 980, and the support level is 500. The weighted implied volatility rate is 170.12%, with a change of - 11.38%, and the annual average implied volatility rate is 40.74%, and HISV20 is 90.03%. [18][19] - **Option Strategy Suggestion**: No directional strategies; due to large geopolitical risks, strategies mainly based on sellers are not recommended. [20]

Report Information - Report Title: Beans and Staple Grains Options Morning Report [1] - Report Date: March 12, 2026 - Analysts: Li Liqin, Huang Kehan [2] Investment Ratings - No investment ratings provided for the industry in the report Core Views - The implied volatility of various options (A, B, C, CS, M, RM) maintains fluctuations above the mean of 0.0000 [6][18][30] - Different contracts (a2605, b2605, c2605, cs2605, m2605, RM605) show different price changes, trading volume changes, and open interest changes [6][18][30] Summary by Option Types 1. A (Soybean No. 1 Options) - **Market Data**: The a2605 contract closed at 4834 yuan yesterday, up 71 yuan (1.49%) from the previous day. Trading volume was 191,241 lots, an increase of 610 lots, and open interest was 240,100 lots, an increase of 6,649 lots [6] - **Option Factors**: The volume PCR is 0.42, down 0.2; the open interest PCR is 0.94, down 0.05. The weighted implied volatility is 24.61%, up 1.96%. The pressure level is 4900, and the support level is 4300 [4][5] - **Strategies**: Directional strategy - construct a bull call spread strategy, e.g., B A2605C4700 and S_A2605C5000; Volatility strategy - do not recommend seller - dominated strategies [7] 2. B (Soybean No. 2 Options) - **Market Data**: The b2605 contract closed at 3843 yuan yesterday, up 103 yuan (2.75%) from the previous day. Trading volume was 240,339 lots, an increase of 23,639 lots, and open interest was 230,105 lots, an increase of 13,239 lots [18] - **Option Factors**: The volume PCR is 0.42, down 0.32; the open interest PCR is 0.99, down 0.16. The weighted implied volatility is 30.22%, up 6.19%. The pressure level is 4000, and the support level is 3400 [16][17] - **Strategies**: Directional strategy - construct a bull call spread strategy, e.g., B B2605C3650 and S_B2605C3900; Volatility strategy - do not recommend seller - dominated strategies [19] 3. C (Corn Options) - **Market Data**: The c2605 contract closed at 2395 yuan yesterday, up 12 yuan (0.50%) from the previous day. Trading volume was 650,049 lots, a decrease of 214,561 lots, and open interest was 1,384,290 lots, an increase of 2,853 lots [30] - **Option Factors**: The volume PCR is 0.51, down 0.04; the open interest PCR is 0.59, down 0.02. The weighted implied volatility is 16.97%, up 0.87%. The pressure level is 2400, and the support level is 2260 [28][29] - **Strategies**: Directional strategy - none; Volatility strategy - construct a short call + put option combination strategy to obtain option time - value, and dynamically adjust positions to keep the delta neutral, e.g., S_C2605P2300 and S_C2605C2420 [31] 4. CS (Starch Options) - **Market Data**: The cs2605 contract closed at 2718 yuan yesterday, up 13 yuan (0.48%) from the previous day. Trading volume was 111,683 lots, a decrease of 13,766 lots, and open interest was 256,994 lots, a decrease of 5,161 lots [42] - **Option Factors**: The volume PCR is 0.5, down 0.11; the open interest PCR is 0.74, down 0.02. The weighted implied volatility is 16.77%, up 0.30%. The pressure level is 3000, and the support level is 2500 [40][41] - **Strategies**: Directional strategy - none; Volatility strategy - construct a short call + put option combination strategy to obtain option time - value, and dynamically adjust positions to keep the delta neutral, e.g., S_CS2605P250 and S_CS2605CZ750 [43] 5. M (Soybean Meal Options) - **Market Data**: The m2605 contract closed at 3068 yuan yesterday, up 106 yuan (3.57%) from the previous day. Trading volume was 2,919,190 lots, an increase of 1,348,451 lots, and open interest was 2,030,950 lots, an increase of 143,460 lots [54] - **Option Factors**: The volume PCR is 0.3, down 0.23; the open interest PCR is 0.82, down 0.01. The weighted implied volatility is 27.53%, up 4.97%. The pressure level is 3200, and the support level is 2800 [52][53] - **Strategies**: Directional strategy - construct a bull call spread strategy, e.g., B M2605C2800 and S M2605C3100; Volatility strategy - do not recommend seller - dominated strategies [55] 6. RM (Rapeseed Meal Options) - **Market Data**: The RM605 contract closed at 2480 yuan yesterday, up 78 yuan (3.24%) from the previous day. Trading volume was 1,001,480 lots, an increase of 318,792 lots, and open interest was 652,140 lots, a decrease of 65,211 lots [66] - **Option Factors**: The volume PCR is 0.32, down 0.14; the open interest PCR is 1.01, up 0.06. The weighted implied volatility is 33.75%, up 3.35%. The pressure level is 2800, and the support level is 2200 [64][65] - **Strategies**: Directional strategy - construct a bull call spread strategy; Volatility strategy - do not recommend seller - dominated strategies [67]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The energy chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies suggest constructing option portfolios mainly with sellers and spot hedging or covered strategies to enhance returns [3][9]. Summary by Related Catalogs 1. Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical option underlying futures contracts, including crude oil, liquefied petroleum gas (LPG), methanol, etc. [4] 2. Option Factors - Volume and Open Interest PCR - It shows the trading volume, volume change, open interest, open interest change, trading volume PCR, volume PCR change, open interest PCR, and open interest PCR change of various option varieties. The volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [5]. 3. Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the pressure points, pressure point offsets, support points, support point offsets, maximum call option open interest, and maximum put option open interest of various option underlying are analyzed [6]. 4. Option Factors - Implied Volatility - It provides the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of various option varieties [7]. 5. Option Strategies and Recommendations 5.1 Energy Options - Crude Oil - **Underlying Market Analysis**: OPEC + is expected to keep the original production suspension policy unchanged. Nigeria's crude oil + condensate production reached 1.6 million barrels per day in November 2025, up 1.3% month - on - month. The crude oil market showed a weak rebound trend [8]. - **Option Factor Research**: The implied volatility of crude oil options fluctuated below the average level. The open interest PCR was below 0.70, indicating a weak market. The pressure level was 450 and the support level was 400 [8]. - **Option Strategy Recommendations**: No directional strategy; for volatility strategy, construct a neutral call + put option selling combination strategy; for spot long - hedging strategy, construct a long collar strategy [8]. 5.2 Energy Options - LPG - **Underlying Market Analysis**: There was no significant increase in supply. The chemical demand supported the price bottom. The LPG market showed a volatile recovery trend with upper pressure [10]. - **Option Factor Research**: The implied volatility of LPG options fluctuated around the average level. The open interest PCR was below 0.80, indicating a weak market. The pressure level was 4300 and the support level was 4000 [10]. - **Option Strategy Recommendations**: No directional strategy; for volatility strategy, construct a neutral call + put option selling combination strategy; for spot long - hedging strategy, construct a long collar strategy [10]. 5.3 Alcohol Options - Methanol - **Underlying Market Analysis**: China's methanol production was about 2.0511 million tons with a capacity utilization rate of about 90.31%. The market showed a rebound trend with upper pressure [10]. - **Option Factor Research**: The implied volatility of methanol options fluctuated around the historical average level. The open interest PCR was below 0.60, indicating a weak market. The pressure level was 2300 and the support level was 2100 [10]. - **Option Strategy Recommendations**: No directional strategy; for volatility strategy, construct a neutral call + put option selling combination strategy; for spot long - hedging strategy, construct a long collar strategy [10]. 5.4 Alcohol Options - Ethylene Glycol - **Underlying Market Analysis**: The polyester load was 90.8% last week. The ethylene glycol market showed a volatile recovery trend with upper pressure [11]. - **Option Factor Research**: The implied volatility of ethylene glycol options fluctuated above the average level. The open interest PCR was below 0.60, indicating strong short - side power. The pressure level was 3800 and the support level was 3600 [11]. - **Option Strategy Recommendations**: No directional strategy; for volatility strategy, construct a short - volatility strategy; for spot long - hedging strategy, hold a spot long position + buy a put option + sell an out - of - the - money call option [11]. 5.5 Olefin Options - PVC - **Underlying Market Analysis**: The inventory increased. The PVC market showed a rebound trend with short - side pressure [11]. - **Option Factor Research**: The implied volatility of PVC options decreased to fluctuate below the average level. The open interest PCR was below 0.60, indicating a continuous weak market. The pressure level was 5000 and the support level was 4300 [11]. - **Option Strategy Recommendations**: For directional strategy, construct a call option bull spread combination strategy; no volatility strategy; for spot long - hedging strategy, hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [11]. 5.6 Rubber Options - **Underlying Market Analysis**: The rubber market showed a recovery trend with lower support and upper pressure [12]. - **Option Factor Research**: The implied volatility of rubber options gradually returned to fluctuate around the average level. The open interest PCR was below 0.60, indicating a weak market. The pressure level dropped significantly to 17000 and the support level was 14000 [12]. - **Option Strategy Recommendations**: No directional strategy; for volatility strategy, construct a neutral call + put option selling combination strategy; no spot hedging strategy [12]. 5.7 Polyester Options - PTA - **Underlying Market Analysis**: The PTA load was 78.2%. The market showed a short - term strong recovery trend [12]. - **Option Factor Research**: The implied volatility of PTA options fluctuated at a low average level. The open interest PCR was above 1.00, indicating a strong market. The pressure level was 4750 and the support level was 4400 [12]. - **Option Strategy Recommendations**: No directional strategy; for volatility strategy, construct a neutral call + put option selling combination strategy; no spot hedging strategy [12]. 5.8 Alkali Options - Caustic Soda - **Underlying Market Analysis**: The average capacity utilization rate of large - scale caustic soda enterprises was 86.8%. The market showed a weak short - side trend with upper pressure [13]. - **Option Factor Research**: The implied volatility of caustic soda options fluctuated at a high level. The open interest PCR was below 0.60, indicating a weak market. The pressure level was 2320 and the support level was 2040 [13]. - **Option Strategy Recommendations**: For directional strategy, construct a bear spread combination strategy; no volatility strategy; for spot collar hedging strategy, hold a spot long position + buy a put option + sell an out - of - the - money call option [13]. 5.9 Alkali Options - Soda Ash - **Underlying Market Analysis**: The soda ash inventory increased. The market showed a low - level weak - side volatile trend [13]. - **Option Factor Research**: The implied volatility of soda ash options fluctuated at a historically high level. The open interest PCR was below 0.50, indicating a short - side market. The pressure level was 1300 and the support level was 1100 [13]. - **Option Strategy Recommendations**: No directional strategy; for volatility strategy, construct a short - volatility combination strategy; for spot long - hedging strategy, construct a long collar strategy [13]. 5.10 Urea Options - **Underlying Market Analysis**: The supply - demand difference decreased, and the enterprise inventory increased. The market showed a short - term weak trend with upper pressure [14]. - **Option Factor Research**: The implied volatility of urea options fluctuated at a low historical average level. The open interest PCR was below 0.60, indicating large short - side pressure. The pressure level was 1700 and the support level was 1640 [14]. - **Option Strategy Recommendations**: No directional strategy; for volatility strategy, construct a slightly long - biased call + put option selling combination strategy; for spot hedging strategy, hold a spot long position + buy an at - the - money put option + sell an out - of - the - money call option [14].

Report Summary 1. Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The agricultural products options market shows a mixed trend. Oilseeds and oils are weakly volatile, while some agricultural by - products and soft commodities are also in a volatile range. For example, sugar has a slight fluctuation, cotton is in a strong consolidation, and corn and starch are in a narrow - range bullish consolidation. [2] - The recommended strategy is to construct an option portfolio strategy mainly composed of sellers, as well as spot hedging or covered call strategies to enhance returns. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest changes of various agricultural product futures contracts. For instance, the latest price of soybean No.1 (A2603) is 4,305, with a decrease of 29 and a decline rate of 0.67%. [3] 3.2 Option Factors - Volume and Open Interest PCR - The PCR indicators (volume PCR and open - interest PCR) of different option varieties are presented. These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the volume PCR of soybean No.1 is 0.35, with a change of - 0.02, and the open - interest PCR is 0.95, with a change of 0.01. [4] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of different option varieties are analyzed. For example, the pressure level of soybean No.1 is 4,500, and the support level is 4,000. [5] 3.4 Option Factors - Implied Volatility - The implied volatility of different option varieties is given, including at - the - money implied volatility, weighted implied volatility, and their changes. For example, the at - the - money implied volatility of soybean No.1 is 14.17%, and the weighted implied volatility is 15.99%, with a change of 0.60%. [6] 3.5 Strategy and Recommendations - **Oilseeds and Oils Options**: For soybean No.1, the market shows a short - term bullish rebound with pressure. The recommended strategies include constructing a neutral short call + put option combination strategy, and a long collar strategy for spot hedging. [7] - **Meal Options**: For soybean meal, the market is in a rebound after an over - decline. The recommended strategies are similar to those of soybean No.1, such as constructing a neutral short call + put option combination strategy and a long collar strategy for spot hedging. [9] - **Agricultural By - product Options**: For example, for live pigs, the market is in a weak bearish rebound with pressure. The recommended strategies include constructing a neutral short call + put option combination strategy and a covered call strategy for spot. [10] - **Soft Commodity Options**: For sugar, the market is in a weak bearish rebound with pressure. The recommended strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging. [12] - **Grain Options**: For corn, the market is in a rebound with support. The recommended strategies include constructing a neutral short call + put option combination strategy. [13]

Group 1: Report Overview - The report is an energy and chemical options strategy morning report dated January 6, 2026 [2] - It covers various energy and chemical options, including energy (crude oil, LPG), polyolefins (PP, PVC, etc.), polyesters (PX, PTA, etc.), and alkali chemicals (caustic soda, soda ash) [3] - The recommended strategy is to construct option combination strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - The table shows the latest prices, price changes, trading volumes, and open interest of various option underlying futures contracts [4] - For example, the latest price of crude oil (SC2602) is 428, with a price increase of 1 and a gain of 0.30%, trading volume of 4.45 million lots, and open interest of 3.43 million lots [4] Group 3: Option Factors - Volume and Open Interest PCR - The table presents the trading volume, volume change, open interest, open interest change, volume PCR, volume PCR change, open interest PCR, and open interest PCR change of various options [5] - Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market, respectively [5] Group 4: Option Factors - Resistance and Support Levels - The table lists the at - the - money strike price, resistance point, resistance point deviation, support point, support point deviation, maximum call option open interest, and maximum put option open interest of various options [6] - These levels are determined based on the strike prices of the maximum open interest of call and put options [6] Group 5: Option Factors - Implied Volatility - The table shows the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call option implied volatility, put option implied volatility, HISV20, and the difference between implied and historical volatility of various options [7] - The weighted implied volatility uses volume - weighted average [7] Group 6: Strategy and Recommendations for Energy Options - Crude Oil - Fundamental analysis: US military raid on Maduro, Saudi - UAE rift in Yemen, OPEC+ expected to maintain production policy, NNPC aims to increase production [8] - Market analysis: Crude oil showed a weak - biased market trend after a series of price movements [8] - Option factor research: Implied volatility remained below the average, open interest PCR indicated a weak market, resistance level was 540, and support level was 440 [8] - Strategy recommendations: Directional strategy: None; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [8] Group 7: Strategy and Recommendations for Other Options - Similar analyses and strategy recommendations are provided for LPG, methanol, ethylene glycol, PVC, rubber, PTA, caustic soda, soda ash, and urea options [9][10][11] - Each analysis includes fundamental analysis, market analysis, option factor research, and corresponding strategy recommendations [10][11]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Energy - chemical sectors are divided into energy, alcohols, polyolefins, rubbers, polyesters, alkalis, and others[9]. - Strategies focus on constructing option combination strategies mainly as sellers, along with spot hedging or covered - call strategies to enhance returns[3]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - **Crude Oil**: The SC2602 contract's latest price is 432, down 6 (-1.46%), with a trading volume of 5.20 million lots (down 1.41 million lots) and an open interest of 2.96 million lots (down 0.08 million lots)[4]. - **Liquefied Petroleum Gas (LPG)**: The PG2602 contract's latest price is 4,132, up 40 (0.98%), with a trading volume of 8.66 million lots (up 1.37 million lots) and an open interest of 5.94 million lots (down 0.32 million lots)[4]. - **Methanol**: The MA2602 contract's latest price is 2,207, up 21 (0.96%), with a trading volume of 13.53 million lots (up 3.48 million lots) and an open interest of 4.46 million lots (down 0.95 million lots)[4]. - **Ethylene Glycol**: The EG2602 contract's latest price is 3,649, down 57 (-1.54%), with a trading volume of 0.89 million lots (up 0.32 million lots) and an open interest of 1.33 million lots (up 0.15 million lots)[4]. - **Polypropylene**: The PP2602 contract's latest price is 6,231, up 40 (0.65%), with a trading volume of 1.42 million lots (down 0.31 million lots) and an open interest of 3.47 million lots (down 0.29 million lots)[4]. - **Polyvinyl Chloride (PVC)**: The V2602 contract's latest price is 4,539, down 1 (-0.02%), with a trading volume of 2.37 million lots (up 1.00 million lots) and an open interest of 5.46 million lots (up 0.14 million lots)[4]. - **Plastic**: The L2602 contract's latest price is 6,299, down 1 (-0.02%), with a trading volume of 1.93 million lots (up 0.56 million lots) and an open interest of 3.51 million lots (down 0.92 million lots)[4]. - **Styrene**: The EB2602 contract's latest price is 6,791, up 12 (0.18%), with a trading volume of 30.05 million lots (down 2.76 million lots) and an open interest of 31.13 million lots (down 0.88 million lots)[4]. - **Rubber**: The RU2605 contract's latest price is 15,605, down 75 (-0.48%), with a trading volume of 21.78 million lots (down 4.24 million lots) and an open interest of 16.88 million lots (down 0.68 million lots)[4]. - **Synthetic Rubber**: The BR2602 contract's latest price is 11,520, down 30 (-0.26%), with a trading volume of 9.77 million lots (down 2.36 million lots) and an open interest of 4.13 million lots (down 0.83 million lots)[4]. - **Para - Xylene**: The PX2603 contract's latest price is 7,260, down 54 (-0.74%), with a trading volume of 25.77 million lots (down 7.48 million lots) and an open interest of 22.95 million lots (down 1.69 million lots)[4]. - **Purified Terephthalic Acid (PTA)**: The TA2602 contract's latest price is 5,084, down 38 (-0.74%), with a trading volume of 7.04 million lots (down 2.55 million lots) and an open interest of 5.58 million lots (down 0.41 million lots)[4]. - **Short - Fiber**: The PF2602 contract's latest price is 6,514, down 50 (-0.76%), with a trading volume of 16.58 million lots (down 0.74 million lots) and an open interest of 13.20 million lots (down 2.12 million lots)[4]. - **Bottle Chips**: The PR2602 contract's latest price is 6,006, down 32 (-0.53%), with a trading volume of 1.09 million lots (up 0.51 million lots) and an open interest of 0.69 million lots (down 0.26 million lots)[4]. - **Caustic Soda**: The SH2602 contract's latest price is 2,164, down 14 (-0.64%), with a trading volume of 4.01 million lots (down 1.65 million lots) and an open interest of 2.06 million lots (down 0.36 million lots)[4]. - **Soda Ash**: The SA2602 contract's latest price is 1,151, down 2 (-0.17%), with a trading volume of 2.04 million lots (down 0.58 million lots) and an open interest of 2.06 million lots (down 0.42 million lots)[4]. - **Urea**: The UR2602 contract's latest price is 1,670, down 7 (-0.42%), with a trading volume of 0.69 million lots (down 0.27 million lots) and an open interest of 1.47 million lots (down 0.23 million lots)[4]. 3.2 Option Factors - Volume and Open Interest PCR - **Crude Oil**: Volume PCR is 0.58 (up 0.02), and open interest PCR is 0.64 (down 0.03)[5]. - **LPG**: Volume PCR is 0.32 (down 0.04), and open interest PCR is 0.68 (down 0.01)[5]. - **Methanol**: Volume PCR is 0.34 (up 0.01), and open interest PCR is 0.62 (down 0.02)[5]. - **Ethylene Glycol**: Volume PCR is 0.38 (up 0.12), and open interest PCR is 0.44 (up 0.02)[5]. - **Polypropylene**: Volume PCR is 0.28 (down 0.09), and open interest PCR is 0.60 (down 0.02)[5]. - **PVC**: Volume PCR is 0.34 (down 0.14), and open interest PCR is 0.28 (down 0.01)[5]. - **Plastic**: Volume PCR is 0.39 (down 0.10), and open interest PCR is 0.44 (down 0.02)[5]. - **Styrene**: Volume PCR is 0.32 (down 0.06), and open interest PCR is 0.44 (unchanged)[5]. - **Rubber**: Volume PCR is 0.30 (up 0.10), and open interest PCR is 0.37 (unchanged)[5]. - **Synthetic Rubber**: Volume PCR is 0.47 (up 0.03), and open interest PCR is 0.80 (down 0.03)[5]. - **Para - Xylene**: Volume PCR is 0.73 (down 0.34), and open interest PCR is 1.93 (up 0.07)[5]. - **PTA**: Volume PCR is 0.76 (up 0.13), and open interest PCR is 1.06 (up 0.09)[5]. - **Short - Fiber**: Volume PCR is 0.58 (up 0.04), and open interest PCR is 1.02 (unchanged)[5]. - **Bottle Chips**: Volume PCR is 0.88 (down 0.39), and open interest PCR is 1.30 (down 0.01)[5]. - **Caustic Soda**: Volume PCR is 0.38 (down 0.04), and open interest PCR is 0.46 (down 0.05)[5]. - **Soda Ash**: Volume PCR is 0.51 (down 0.07), and open interest PCR is 0.34 (down 0.02)[5]. - **Urea**: Volume PCR is 0.45 (up 0.06), and open interest PCR is 0.81 (unchanged)[5]. 3.3 Option Factors - Pressure and Support Levels - **Crude Oil**: Pressure point is 540, support point is 440[6]. - **LPG**: Pressure point is 4,200, support point is 4,000[6]. - **Methanol**: Pressure point is 2,300, support point is 2,100[6]. - **Ethylene Glycol**: Pressure point is 4,000, support point is 3,500[6]. - **Polypropylene**: Pressure point is 6,500, support point is 6,200[6]. - **PVC**: Pressure point is 5,000, support point is 4,300[6]. - **Plastic**: Pressure point is 6,600, support point is 6,200[6]. - **Styrene**: Pressure point is 7,000, support point is 6,300[6]. - **Rubber**: Pressure point is 17,000, support point is 14,000[6]. - **Synthetic Rubber**: Pressure point is 12,600, support point is 11,000[6]. - **Para - Xylene**: Pressure point is 7,600, support point is 5,800[6]. - **PTA**: Pressure point is 5,300, support point is 4,800[6]. - **Short - Fiber**: Pressure point is 7,200, support point is 6,100[6]. - **Bottle Chips**: Pressure point is 6,400, support point is 5,300[6]. - **Caustic Soda**: Pressure point is 2,400, support point is 2,080[6]. - **Soda Ash**: Pressure point is 1,200, support point is 1,100[6]. - **Urea**: Pressure point is 1,700, support point is 1,640[6]. 3.4 Option Factors - Implied Volatility - **Crude Oil**: At - the - money implied volatility is 27.75%, weighted implied volatility is 34.02% (up 1.79%), annual average is 31.44%, call implied volatility is 37.40%, put implied volatility is 28.22%, HISV20 is 26.32%, and the implied - historical volatility difference is 1.43[7]. - **LPG**: At - the - money implied volatility is 21.17%, weighted implied volatility is 25.21% (up 1.37%), annual average is 22.22%, call implied volatility is 26.41%, put implied volatility is 21.49%, HISV20 is 18.92%, and the implied - historical volatility difference is 2.25[7]. - **Methanol**: At - the - money implied volatility is 20.195%, weighted implied volatility is 24.65% (down 1.03%), annual average is 20.48%, call implied volatility is 26.16%, put implied volatility is 20.21%, HISV20 is 18.50%, and the implied - historical volatility difference is 1.70[7]. - **Ethylene Glycol**: At - the - money implied volatility is 15.23%, weighted implied volatility is 21.72% (down 1.60%), annual average is 15.97%, call implied volatility is 23.89%, put implied volatility is 15.99%, HISV20 is 16.78%, and the implied - historical volatility difference is - 1.55[7]. - **Polypropylene**: At - the - money implied volatility is 10.705%, weighted implied volatility is 21.30% (up 3.98%), annual average is 12.53%, call implied volatility is 23.68%, put implied volatility is 12.86%, HISV20 is 12.44%, and the implied - historical volatility difference is - 1.73[7]. - **PVC**: At - the - money implied volatility is 17.475%, weighted implied volatility is 24.68% (up 0.52%), annual average is 19.06%, call implied volatility is 26.95%, put implied volatility is 17.98%, HISV20 is 16.31%, and the implied - historical volatility difference is 1.17[7]. - **Plastic**: At - the - money implied volatility is 13.345%, weighted implied volatility is 17.71% (down 2.13%), annual average is 13.27%, call implied volatility is 18.82%, put implied volatility is 14.86%, HISV20 is 13.27%, and the implied - historical volatility difference is 0.07[7]. - **Styrene**: At - the - money implied volatility is 19.3%, weighted implied volatility is 23.95% (down 2.05%), annual average is 21.03%, call implied volatility is 24.96%, put implied volatility is 20.77%, HISV20 is 18.73%, and the implied - historical volatility difference is 0.57[7]. - **Rubber**: At - the - money implied volatility is 18.62%, weighted implied volatility is 22.07% (up 0.77%), annual average is 22.84%, call implied volatility is 23.14%, put implied volatility is 18.45%, HISV20 is 18.41%, and the implied - historical volatility difference is 0.21[7]. - **Synthetic Rubber**: At - the - money implied volatility is 24.805%, weighted implied volatility is 28.06% (down 1.22%), annual average is 27.11%, call implied volatility is 29.07%, put implied volatility is 25.92%, HISV20 is 22.31%, and the implied - historical volatility difference is 2.50[7]. - **Para - Xylene**: At - the - money implied volatility is 22.64%, weighted implied volatility is 25.42% (down 4.04%), annual average is 21.70%, call implied volatility is 27.78%, put implied volatility is 22.18%, HISV20 is 16.77%, and the implied - historical volatility difference is 5.87[7]. - **PTA**: At - the - money implied volatility is 22.11%, weighted implied volatility is 24.96% (down 5.56%), annual average is 20.29%, call implied volatility is 27.77%, put implied volatility is 21.25%, HISV20 is 14.35%, and the implied - historical volatility difference is 7.76[7]. - **Short - Fiber**: At - the - money implied volatility is 18.185%, weighted implied volatility is 21.88% (down 2.37%), annual average is 17.61%, call implied volatility is 23.08%, put implied volatility is 19.78%, HISV20 is 13.57%, and the implied - historical volatility difference is 4.62[7]. - **Bottle Chips**: At - the - money implied volatility is 17.42%, weighted implied volatility is 23.18% (down 3.08%),